Personal Finance Investing
Written by Tessa Campbell; edited by Laura Grace Tarpley; reviewed by Elias Shaya
- Free Stock Trading App Reviews
- Best overall
- Best for index funds
- Best for beginners
- Best for options trading
- Best for active trading
- Best for all types of investors
- Best for advanced traders
- FAQs
- Why You Should Trust Us
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Some online brokerages may only offer free trading for certain asset classes (such as bonds, ETFs, and options) while charging fees or commissions for other investment trades. Stocks and ETFs are generally the most common investment option for free trading.
The best online free stock trading broker typically offers$0 account minimums or low minimum requirements, commission-free trading, investment education, market research, and flexible customer support.
The Best Free Stock Trading Apps
- Charles Schwab: Best overall free stock trading app
- Fidelity Investments: Best trading app for index funds
- SoFi Invest®: Best for beginners
- Webull: Best trading apps for options trading
- Robinhood Investing: Best trading apps for active trading
- E*TRADE: Best trading apps for all types of investors
- Interactive Brokers: Best trading apps for advanced traders
Passive and active investors can benefit from commission-free trading on investments like stocks and ETFs. But the best brokerage for you depends on your individual needs.
Compare the Top Free Stock Trading Apps
The best free stock trading apps offer low account minimums, commission-free trading, research, financial tools, educational resources, and more. Get started with commission-free investing and learn how to choose a free stock trading platform that best fits your needs.
Here are the best commission-free trading platforms picked by Business Insider's editors in 2024.
Best Free Stock Trading App Overall: Charles Schwab
Best overall
Charles Schwab
On Charles Schwab's website
Insider’s Rating
4.88/5
Perks
Open and fund your account and get $101 from Schwab to split equally across the top five stocks in the S&P 500
Account Minimum
$0 ($5,000 for Schwab Intelligent Portfolios; $25,000 Schwab Intelligent Portfolios Premium)
Fees
0% ($0 Schwab Intelligent Portfolios; $30/month Schwab Intelligent Portfolios Premium)
Pros
- No minimums; commission-free trading on stocks, ETFs, and options
- Thousands of no-load mutual funds and 50+ Schwab-managed funds; fractional shares (Stock slices) available
- Automated and advisor-managed accounts available
- Multiple trading platforms; stock screeners and other trading tools
Cons
- $5,000 minimum for automated Schwab Intelligent Portfolios is on the higher end
- Schwab's no-load funds have a $100 minimum; some competitors offer lower minimums
Insider’s Take
Insider considers Charles Schwab to be the best online brokerage overall, as well as one of the best online brokerages for beginners. It's great for all types of investors — including active traders, passive investors, and retirement-focused individuals — in search of low costs and access to a variety of trading tools and platforms.
Charles Schwab Brokerage review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- App store rating: 4.8 iOS/3.8 Android
- Consider it if: You want a wide range of account types, with easy-to-use apps and web interfaces
- Awards: Investor's Business Daily recognized Charles Schwab as one of its Most Trusted Financial Companies for 2021.
Charles Schwab is a competitive choice if you're set on free stock trading. The brokerage's combined offering of commission-free accounts, automated accounts, and IRAs makes it an attractive option for all traders and investors. Its knowledge center provides informational articles on all areas of financial planning.
You'll also have access to several types of investments, including stocks, ETFs, options, mutual funds, and more. Like Fidelity, Schwab also offers several of its own index mutual funds, but these funds have slightly higher expense ratios.
What to look out for:Remember that you'll need at least $5,000 to use Schwab's Intelligent Portfolios automated account. If you want one-on-one access to a human advisor, you'll need at least $25,000.
Charles Schwab review
Best Free Stock Trading App for Index Funds: Fidelity
Best for index funds
Fidelity Investments
On Fidelity's website
Insider’s Rating
4.86/5
Perks
Fidelity Investments offers a wide range of investing products, including fractional shares.
Account Minimum
$0 ($25,000 Fidelity Personalized Planning & Advice)
Fees
0% ($0 or 0.35% for robo-advisor)
Pros
- No account minimum or account fees
- No commissions for stock, ETF, and options trades; fractional shares available
- Thousands of no-transaction-fee mutual funds and fee-free mutual funds
- Several research tools and trading platforms available
Cons
- Fidelity Go accounts cost more for investors with higher account balances
- Representative-assisted trades are slightly more expensive than other brokerages
Insider’s Take
Fidelity is one of the best online brokerages for beginners and retirement savings. It has great features for all types of investors and traders.
Fidelity Brokerage review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Promotion: None at this time
- App store rating: 4.8 iOS/4.4 Android
- Awards: Morningstar named the Fidelity HSA as the best HSA provider in 2019, 2020, and 2021.
- Consider it if: You're focused on long-term investing and retirement.
Fidelity is a top stock trading app offering several investment products catered to all kinds of investors. Like many brokerages on this list, it offers commission-free trading on stocks, ETFs, and options. But unlike its competitors, Fidelity offers a considerably unique product: Zero Expense Ratio Index mutual funds.
Its automated investment account, Fidelity Go, creates and manages an investment portfolio for you. The other option is Fidelity Personalized Planning and Advice. These accounts offer automated investment management, giving you one-on-one human advisor access.
What to look out for:One thing to keep in mind is that if you're an automated investor, Fidelity Go charges more for higher account balances. For instance, Fidelity Go charges $0 for account balances under $25,000. If you're over $25,000, you'll pay an annual fee of 0.35%.
Fidelity review
Best Free Stock Trading App for Beginners: SoFi Invest
Best for beginners
SoFi Invest®
Insider’s Rating
4.65/5
Perks Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
Get up to $1,000 in stock when you fund a new account.
Account Minimum
$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading
Fees
0% for active trading and automated investing
Pros
- No account minimum
- No account or trading fees, and low fees to own funds
- Access to Certified Financial Planners at no additional charge
- IPOs available
- SoFi 1% IRA match
Cons
- No tax-loss harvesting, an advanced investing technique where you sell a stock or mutual fund at a loss for a tax benefit
- No option for stop-loss orders when actively investing. SoFi's active investing account only uses market orders
- Currently only available to US residents
Insider’s Take
SoFi Invest is a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account.
SoFi Invest review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Promotion: Get up to $1,000 in stock when you fund a new account.
- App store rating: 4.8 iOS/3.8 Android
- Consider it if: You want an easy-to-use platform paired with rock-bottom pricing.
Though SoFi Invest® is popularly known for its loan services, it offers competitive investment products. Its investments include stocks, ETFs, and IPOs, and it offers complimentary certified financial planner (CFP) access.
Whether you'd like to actively trade stocks and other investments, park your money in an IRA, or build wealth through an automated account, SoFi has an option for you. Plus, it charges zero fees for both its self-directed and automated accounts.
What to look out for:SoFi only offers stocks and ETFs. This platform may not be your best choice if you want other investments (e.g., mutual funds or bonds).
SoFi Invest review
Best Free Stock Trading App for Options Trading: Webull
Best for options trading
Webull
Start investing
Compare investing options
Insider’s Rating
4.24/5
Account Minimum
$0 ($2,000 for margin accounts)
Fees
0% (0.2% for robo-advisor)
Pros
- No minimum deposit
- Commission-free trading on US-listed stocks, ETFs, and options
- Cash and margin accounts available
- Webull Smart Advisor
Cons
- No joint brokerage accounts or education savings accounts
- No mutual funds
- Limited educational resources and retirement planning tools
Insider’s Take
Webull is best for beginners and intermediate investors in search of commission-free investments, expert market data, extended hours trading, and robo-advice. The app could also be a good fit for futures and options traders looking for an easy-to-navigate platform.
Webull Brokerage review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- App store rating: 4.7 iOS/4.4 Android
- Consider it if: You're after something that's free to use (for most people) and friendly to active traders
Webull offers low-cost trading all around. While the broker's account selection is limited, it lets you open either account at no additional cost (except small clearing firms and regulatory agency fees). Like the other platforms on this list, you can trade stocks for free.
Like Firstrade, Webull charges $0 for options contracts. Its other account features include extended hours trading (from 4 a.m. to 9:30 a.m. or 4 p.m. to 8 p.m.), Nasdaq-sponsored market data, and free real-time market quotes.
If you're interested in investing in virtual assets or borrowing money to invest, Webull also offers cryptocurrencies and margin trading.
What to look out for:Webull's investment selection only includes stocks, ETFs, American Depositary receipts (ADRs), and cryptocurrencies. You may need to look elsewhere if you want other investment choices.
Webull invest review
Best Free Stock Trading App for Active Trading: Robinhood
Best for active trading
Robinhood Investing
On Robinhood's website
Perks See Terms https://cdn.robinhood.com/assets/robinhood/legal/Robinhood_ACATS_Bonus_Offer_Terms_and_Conditions.pdf
Earn 0.01% APY on uninvested cash for non-Gold users and 5.00% for Gold members
Account Minimum
$0 ($1 for fractional shares; $2,000 for margin trading)
Fees
0% ($5/month for Robinhood Gold)
Pros
- Free stock, option, ETF, and cryptocurrency trades; 0.01% APY on uninvested cash for non-Gold users and 5.00% for Gold members
- IPO investing available
- Cash management accounts available
- Website is easy to navigate; advanced charts for all users
Cons
- Lack of investing research and trading tools; can only take advantage of professional research if you're a Robinhood Gold member
- No joint accounts, education savings accounts, or mutual funds
Robinhood Investing review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- App store rating: 4.2 iOS/4.0 Android
- Consider it if: You want to trade crypto and invest in a wide range of stocks and ETFs.
Robinhood Investing is best for active, options, and day traders looking to buy and sell investments at low costs. The app offers commission-free stocks, ETFs, options (though options cost $0.65 per contract), and cryptocurrencies.
Robinhood and Webull share several similarities when it comes to fee-free active trading. They offer the same investments but vary regarding account types and features. Unlike Webull, Robinhood offers larger instant deposits (up to $50,000) for margin accounts, plus a cash management account that offers a 0.30% APY.
Robinhood also provides professional investment research, but this only applies to Robinhood Gold members. Robinhood Gold has a $5 monthly fee, but it includes both margin trading (borrowing money to invest) and bigger deposits.
What to look out for:Robinhood's investment research is mainly available for Robinhood Gold members. Though the investment app offers a library that contains informational blog posts on investing topics, you won't get much guidance beyond that.
Robinhood review
Best Free Stock Trading App for All Types of Investors: E*TRADE
Best for all types of investors
E*TRADE
Start investing
Compare investing options
Insider’s Rating
4.11/5
Perks
The brokerage provides three free trading platforms: Power E*TRADE, E*TRADE Web, and E*TRADE Pro.
Account Minimum
$0 ($500 Core Portfolios)
Fees
0% (0.30% Core Portfolios)
Pros
- No commissions on US-listed stocks, options, and exchange-traded funds
- Wide selection of investments available for most accounts
- Thousands of no-load, no-transaction-fee mutual funds available
- Competitive mobile and online offerings for digital investors and traders
- 24/7 support and live chat
Cons
- Need at least $500 for automated investment management
- Infrequent traders pay more for options contracts
Insider’s Take
E*TRADE is a great fit for frequent traders interested in low-cost stock, ETF, and options trading. The brokerage also offers a robust mobile app for Apple and Android devices, and it supports less active investors through its managed and automated portfolio offerings.
E*TRADE review External link Arrow An arrow icon, indicating this redirects the user."
E*TRADE is another popular fee stock trading app with commission-free trades for stocks, ETFs, and other investments. There are thousands of no-load, no-transaction-fee mutual funds.
E*TRADE's options — which are also commission-free — cost $0.65 per contract if you make less than 30 trades per quarter. But if you make more than 30 trades per quarter, E*TRADE charges $0.50 per contract.
E*TRADE account selection includes automated accounts and managed portfolios. Its Core Portfolios automated account has a $500 minimum requirement and a 0.30% annual fee. Its managed portfolios — Blend Portfolios and Fixed Income Portfolios — give you access to human advisors who help manage your investments.
What to look out for:If you're planning on trading options, you'll pay less if you trade more frequently, but you'll pay more if you make less than 30 trades per quarter.
E*TRADE review
Best Free Stock Trading App for Advanced Traders: Interactive Brokers
Best for advanced traders
Interactive Brokers
On Interactive Brokers's website
Insider’s Rating
4.6/5
Perks
Interactive Brokers provides trading access to more than 150 markets in 200 countries/territories around the world, allowing you to invest in stocks, options, mutual funds, ETFs, cryptocurrencies, futures, bonds, fractional shares, and more.
Account Minimum
$0 ($100 Interactive Advisors automated accounts)
Fees
$0 for IBKR Lite; $0 IBKR Pro (per-share commissions apply)
Pros
- Low commissions and fees
- International trading opportunities
- Competitive trading platforms and tools
- Several account types available
- Thousands of no-transaction-fee mutual funds
- Cryptocurrency investing available for bitcoin, bitcoin cash, ethereum, and litecoin
Cons
- Less active traders pay more for IBKR Pro
- Website can be tricky to navigate
Insider’s Take
Interactive Brokers is one of the best online brokerages for advanced, active investors who trade securities frequently and value access to market analysis and trading platforms.
Interactive Brokers brokerage review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Promotion: None at this time.
Interactive Brokers offers a long list of trading tools and platforms, market research resources, and investment products for experienced, active traders. In addition to commission-free stock trading, the investment platform lets you place trades in the US and international markets. This might be appealing to retail traders interested in investing in foreign currencies.
Interactive Brokers provides fractional shares, automated investing, cryptocurrencies (through Paxos Trust Company), and investment education. For instance, its Traders Academy offers courses on all things investing. The brokerage's Trader Workstation (TWS) application gives you trading access in over 100 markets worldwide.
Interactive Brokers' automated advisor, Interactive Advisors, could be a good fit for those seeking more guidance. Minimums on its automated accounts range from $100 to $50,000.
What to look out for: The investment platform's website can be tricky.
Interactive Brokers review
Best Free Stock Trading Apps FAQs
Which app is best and free for trading?
Several brokerages have free stock trading, including Charles Schwab, Fidelity, SoFi, and more. Make sure to research whether or not a platform offers free trading before opening an account. Some online brokerages offer free stock trading but may charge fees on other investment options.
Is it possible to trade stocks for free?
To buy free stocks, open a brokerage account with a free stock trading feature such as Webull or Robinhood. Deposit money into your brokerage account, then use the funds to buy stocks or free.
What is the best stock trading app for beginners?
SoFi is our top pick for the best free stock trading app for beginners because of its automated trading services and low-cost investment strategies. Invest in a diversified portfolio of ETFs with no commission with SoFi Invest.
What stock app has no fees?
Many stock trading apps offer commission-free trades on assets like stocks and ETFs. Brokerages like SoFi, Robinhood, and Fidelity offer free trades of certain asset classes like stocks. But depending on the brokerage, you may have to pay to trade other investments.
What should I look out for when using a free stock trading platform?
When considering a free stock trading platform, compare different investment options, accounts, trading tools, and reputation. Make sure that you keep your risk tolerance, time horizon, and goals in mind.
How to Choose the Best Free Stock Trading App
The best free stock trading apps for beginners will offer low fees, low minimums, easy-to-use platforms, and access to educational resources like webinars and blogs. Generally, robo-advisors are beginner-friendly investing platforms that provide customized portfolios with automated management features.
Robo-advisors, such as SoFi Automated or Fidelity Go, offer low-cost ETFs as the main investment vehicles. Most free stock trading apps suited for beginners will offer pre-set or customizable ETF portfolios based on your risk tolerance, time horizon, and investment goals.
If you're more interested in active investing, platforms like Robinhood offer commission-free trades with an easy-to-navigate trading platform suitable for beginners. These brokerages also offer educational resources, staking rewards, human advisor access, and active investing strategies.
Why You Should Trust Us: Our Expert Panel on The Best Stock Trading Apps
We consulted financial planners, investing experts, and our (now former) wealth-building reporter to inform our picks for the best online brokers for free stock trading.
We're focusing on what makes an online brokerage account most useful. When comparing an app, it's best to consider fees, account types, investment choices, and investment research and education resources.
We interviewed the following three investing experts to see what they had to say about investment apps:
- Brian Fry, CFP, founder at Safe Landing Financial
- Charlotte Geletka, CFP, CRPC, managing partner at Silver Penny Financial Planning
- Kaysian Gordon, MBA, CFP, CDFA, CPA, wealth manager at Clarus Group
What are the advantages and/or disadvantages of using an online broker for free stock trading?
Brian Fry, CFP:
Online brokers offering free stock trading offer greater savings for investors. There are several options to choose from which is great for DIY investors.
It's important to consider how financial companies are making money, which may not always provide as transparent of an investing experience. Not to say this is always the case, but free trades encourage more trading instead of long-term investing.
Charlotte Geletka, CFP, CRPC:
Online brokerages are great for DIY, and they are typically very low cost. However, you will not receive the same financial advice as you would working with a financial advisor.
Kaysian Gordon, MBA, CFP, CDFA, CPA:
There are lots of advantages. As long as [the brokerage] has the guidance you need and the research capabilities, you're able to start investing for little to no cost.
Who should consider using a broker that offers free stock trading?
Brian Fry, CFP:
Investors that have the time and interest to manage investments along with the discipline and experience of riding out volatile markets are a good fit for using an online broker for free stock trading.
Charlotte Geletka, CFP, CRPC:
This is a great place for what I call "fun money," so you can trade without risking your retirement or serious investment dollars.
Any other advice you'd offer someone who's considering opening a commission-free brokerage account?
Brian Fry, CFP:
When considering opening a commission-free online brokerage account, proceed with caution. Free isn't always best. Consider the importance of investing long-term over short-term trading.
Kaysian Gordon, MBA, CFP, CDFA, CPA:
Do the comparisons. There are lots of great companies out there.
Methodology: How we Reviewed the Best Stock Trading Apps
When narrowing down our list of the best brokerages, we used Business Insider's rating methodology for investing platforms to examine fees, investment selection, account types, investment research availability, and customer support. We also included information on each broker's Better Business Bureau rating. Investment platforms are given a rating between 0 and 5.
Each brokerage listed in this review offers unique features, but they all provide $0 or low account minimums and commission-free trading.
Investing and Retirement Reporter
Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.ExperienceTessa currently reports on all things investing — deep-diving into complex financial topics, shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.Expertise:Tessa’s expertise includes:
- Credit cards
- Investing apps
- Retirement savings
- Cryptocurrency
- The stock market
- Retail investing
Education:Tessa graduated from Susquehanna University with a creative writing degree and a psychology minor.When she’s not digging into a financial topic, you’ll find Tessa waist-deep in her second cup of coffee. She currently drinks Kitty Town coffee, which blends her love of coffee with her love for her two cats: Keekee and Dumpling. It was a targeted advertisem*nt, and it worked.
Compliance Associate
Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, whichensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.
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